The OTC Space | Category Archive | Central Counter Party

SEC advise EC and ESMA to consult on EMIR equivalency

May 16, 2013 by Maria Leontiou 1 Comment

“European authorities should consult on their approach to determining whether foreign derivatives regimes are equivalent to the European Market Infrastructure Regulation (EMIR) because these decisions have the power to break up the over-the-counter derivatives clearing system“. This is Eric Pan speaking, associate director in the office of international affairs at the US Securities and Exchange Commission […]

European Market Infrastructure Regulation, European Securities and Markets Authority, SEC

Too much choice: The problems with Europe’s plethora of segregation models – Risk.net

May 14, 2013 by Bill Hodgson 2 Comments

Speaking from experience, the number of models and the details underneath them aren’t going to get any easier, especially when the interpretation of the word by word reading of EMIR can lead to considerable ambiguity and flexibility. Tom has done a good job of illuminating the challenge of solving the legal, operational and commercial challenges […]

Clarus Financial Technology Launches SDR View

May 14, 2013 by Amir Khwaja 1 Comment

London, May 14, 2013 – Clarus Financial Technology today announced the release of SDR View, its Swaps Data Repository viewer application. This is publicly available at http://www.clarusft.com/sdr-view/ The DTCC DDR trade repository has been set-up to publicly disseminate all OTC Derivatives trade activity that is required to be reported to a Swaps Data Repository (SDR) […]

SwapClear to Comply with Dodd Frank this weekend | Real-time Registration Goes Live

May 14, 2013 by Bill Hodgson 1 Comment

The new process for registration of trades to meet the CFTC 60 second rule is planned to go live this coming weekend (May 18th). LCH.Clearnet Group – Member Notices – Circulars – 2013-05-13 SwapClear Member Notification.

SwapClear LLC Fees | Nice Price

May 13, 2013 by Bill Hodgson 2 Comments

LCH have published the price for membership of their new SwapClear LLC clearing service, at $250k per direct member. This compares with a special ‘new joiner’ fee of £500k / $750k (plus volume fees) or the basic price of £1.5m / $2.25m per year for the base tariff, of the SwapClear Ltd Global service. Perhaps […]

LCH.Clearnet, SwapClear

DTCC sues CFTC over trade repositories

May 3, 2013 by Mihir Vaidya 1 Comment

DTCC yesterday filed a suit against the CFTC over its March ruling (CME Rule 1001 and ICE rule 211) that sided with exchanges, calling the CFTC ruling as ‘anti-competitive’. The statement from General Counsel Larry Thompson on this matter can be found here, along with the soft copy of the filing. Coverage from FT can […]

CFTC, CME, ICE, News, SDR

cftc, cme, DTCC, ICE

Do clearing mandates actually work?

April 26, 2013 by Jon Skinner 3 Comments

In an environment where bilateral and cleared trades are more appropriately risk mitigated through bilateral margin, CCP margin and guarantee funds and Basel III capital, fragmentation costs and increases in systemic risk due to regulatory clearing mandates may actually outweigh systemic risk and funding and capital benefits. Why? Because mandatory clearing has fragmentation costs […]

Cleared Swap Prices versus Bi-lateral Swaps

April 25, 2013 by Amir Khwaja 3 Comments

Last month, I posted a blog titled “Analysis of Pricing of Cleared and Un-Cleared Swaps from the US DTCC SDR”. Today I would like to make a correction in one of the interesting insights I noted in that blog. Namely the point that the “The price differences between UnCleared and Cleared Swaps can be observed […]

Central Counter Party, Dodd Frank